SEI Wealth Platform(SM) Selected by IDB Bank(R) for Technology, Operations, and
Wealth Management Services
SEI's Comprehensive Wealth Management Platform to Power Full Client
Lifecycle Across IDB Bank's International Custody Division Business
OAKS, PA -- (Marketwired) -- 09/05/13 -- SEI (NASDAQ: SEIC) today
announced that it has been selected by Israel Discount Bank of New
York (IDB Bank) to provide end-to-end technology, operations, and
wealth management services through its single-infrastructure wealth
management solution, the SEI Wealth Platform(SM) (the Platform). IDB
Bank will convert its International Custody Division to the Platform.
IDB Bank's selection of SEI continues the growing momentum of the SEI
Wealth Platform, as the company has had two U.S. bank clients go live
on the Platform during the first half of the year. SEI first
mentioned IDB as a new client during its first-quarter 2013 earnings
conference call.
"IDB Bank's growth strategy and forward-looking goals make them a
perfect strategic partner for SEI and a natural fit for the SEI
Wealth Platform," said Al Chiaradonna, Senior Vice President, SEI
Wealth Platform. "IDB Bank's main objectives are to provide advanced
wealth management services to their clients by increasing
efficiencies and leveraging superior technology. We look forward to
helping IDB Bank achieve these goals and build their success for
years to come."
Once IDB Bank's conversion to the Platform is complete, SEI will
support all levels of its processing, investment management, and
end-client needs. IDB Bank pointed to the ability of the SEI Wealth
Platform to support multiple global wealth management affiliates on a
single infrastructure as a key differentiator in partner selection.
"We are very happy to announce our strategic partnership with SEI,"
said Robert Plante, COO and CIO of IDB Bank. "The combination of
multi-currency technology and operational support offered in the SEI
Wealth Platform will allow us to improve service to our clients and
gather more assets while increasing efficiency in our operations."
About the SEI Wealth Platform(SM)
The SEI Wealth Platform (the
Platform) is an outsourcing solution for wealth managers encompassing
wealth processing services and wealth management programs, combined
with business process expertise. With the Platform, SEI provides
wealth management organizations with the infrastructure, operations,
and administrative support necessary to capitalize on their strategic
objectives in a constantly shifting market. The SEI Wealth Platform
supports trading and transactions on 104 stock exchanges in 45
countries and 33 currencies, through the use of straight-through
processing and a single operating infrastructure environment. For
more information, visit: www.seic.com/seiwealthplatform.
About SEI
SEI (NASDAQ: SEIC) is a leading global provider of
investment processing, fund processing, and investment management
business outsourcing solutions that help corporations, financial
institutions, financial advisors, and ultra-high-net-worth families
create and manage wealth. As of June 30, 2013, through its
subsidiaries and partnerships in which the company has a significant
interest, SEI manages or administers $507 billion in mutual fund and
pooled or separately managed assets, including $204 billion in assets
under management and $303 billion in client assets under
administration. For more information, visit www.seic.com.
About IDB Bank
IDB Bank is a New York State-chartered commercial
bank and a member of the FDIC. The Bank provides domestic and
international, personal and commercial banking services to its U.S.
and foreign clientele through its main office in Manhattan and
Private Banking offices in Staten Island, NY, Brooklyn NY and Short
Hills, NJ, Other locations include Beverly Hills and Downtown Los
Angeles, California; and Aventura, Florida.
Company Contact:
Dana Grosser
SEI
+1 610-676-2459
dgrosser@seic.com
Media Contact:
Alex Dalgliesh
Braithwaite Communications
+1 215-564-3200 x116
adalgliesh@gobraithwaite.com